12 Chinese provincial-level regions unveil 2023 GDP data

2024-01-22 09:09:09Global Times Editor : Li Yan ECNS App Download

As of Sunday, 12 Chinese provinces and municipalities had released their 2023 economic "report cards", with nine reporting growth rates that surpassed the national average and five reaching new milestones in total output.

The figures highlighted the resilience and vitality of Chinese economic powerhouses, which are expected to drive the recovery of the world's second-largest economy in 2024, experts said on Sunday.

Among the 12, East China's Shandong Province led with total output of 9.21 trillion yuan ($1.28 trillion), followed by Southwest China's Sichuan Province with total output of 6.01 trillion yuan, and Central China's Hunan Province third, with total output of 5 trillion yuan, data compiled by domestic news site showed.

Nine of the 11 provincial-level regions outpaced the national average of 5.2 percent. For instance, South China's Hainan Province registered growth of 9.2 percent, with North China's Inner Mongolia Autonomous Region at 7.3 percent, Northwest China's Gansu Province at 6.4 percent, Northeast China's Jilin Province at 6.3 percent, and Southwest China's Chongqing Municipality at 6.1 percent.

China on Wednesday announced robust GDP growth of 5.2 percent for 2023, beating the government's target of about 5 percent.

Shandong achieved a milestone in its annual output by breaking through 9 trillion yuan, Sichuan reached 6 trillion yuan, and Hunan achieved 5 trillion yuan for the first time; while Chongqing Municipality and Liaoning Province entered the "3-trillion-yuan club."

In line with the national economy, which gathered pace in the fourth quarter of 2023, Hunan, North China's Hebei Province, Beijing, Chongqing, Inner Mongolia and Jilin all experienced faster GDP, compared with the first three quarters of the year.

As of Sunday, other economic powerhouses such as South China's Guangdong Province, East China's Jiangsu and Zhejiang provinces and Central China's Henan Province had yet to release their economic data.

Currently holding the top position, Shandong reported a comprehensive economic recovery in 2023. It not only maintained its role as a major agricultural contributor but also exhibited high-quality development in its industrial economy, notably in the thriving equipment manufacturing sector. In 2023, Shandong's industrial added value for enterprises above designated size grew by 7.1 percent year-on-year, surpassing the national average by 2.5 percentage points, local government data showed.

Shandong, traditionally renowned as an industrial heavyweight, has been actively driving the transformation and upgrading of its manufacturing industry in recent years, and has further strengthened its competitiveness, Hu Qimu, deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Sunday.

"Sichuan and Hunan have fully leveraged their advantages as latecomers, enjoying the dividends of rapid development in digital economy-related and services industry-related business formats in recent years," Hu said.

Hainan led in terms of growth. In the first three quarters of 2023, the province maintained stable growth of 9.5 percent. As the momentum continued into the fourth quarter, its annual economic growth reached 9.2 percent, surpassing the national average by 4 percentage points.

"With strong resilience and huge potential, the economic powerhouses are expected to keep leading the recovery and growth of the national economy," Hu noted.

Chongqing Municipality on Sunday released its government work report, targeting GDP growth of about 6 percent in 2024, as well as a 7 percent increase in the value added of large-scale industries and 4 percent growth in fixed-asset investment, among other targets.

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